A resolution allowing for a reduction in the customs duties on horses, in order to facilitate the continued viability of the racehorse industry, was approved by the House of Representatives on July 21.

The Customs Tariff (Revision) (Amendment) Resolution, 2015 was approved without any further amendments.

The category of horses which presently attracts a tariff of 40 per cent will now be subjected to a lower tariff of five per cent.

Minister of Finance and Planning, Dr Peter Phillips, explained that the reduction in the tariff rate is needed, due to the discontinuation of discretionary waivers on the importation of horses.

He added that there is also a need to facilitate further investment in the horse racing industry by reducing the cost of replenishing the stock of thoroughbred horses, particularly in light of the plans to divest Caymanas Track Limited.

“The industry represents a part of the overall economic make-up of the country,” Dr Phillips said.

In March 2015, Dr. Phillips explained that the reduction in customs duties would result in a minimal revenue loss of $1 million for the fiscal year.